Renting outbuildings out

beefster

I have been approached by a local company asking would i consider renting some out buildings I have for storage space for them to use. They are a plumbing / property mtce company and their shop is tiny and they dont have stock room. They have made me an offer for monthly payments which I am very tempted by to be honest. However I am lost on the legalities re garding my tax implications on the income, insurance requirements etc etc.
I assume I declare income on tax form at end of year. Delare costs such as mtce and insurance against this. Taxed at standard income tax rates??


Insurance changes. My current insurer was no help at all simply saying they would not cover my property or the outbuildings should i choose to rent them out? However they did say other companies would.


Can anyone offer experience / advice and point me towards some good reading on the matter.


Will I have to provide a minimu standard of H&S such as fire extinguishers / emergency lighting etc etc?? Where can i find such information??


Since I live on what was once a working farm there are a few out houses / barn and garages that I could utilise to boost my income somewhat and would pay for the renovation of some of these buildings too.


Any help would be very welcome. Thanks.

lincroft1710

Do these outbuildings have planning permission for commercial usage? The building(s) will be subject to business rates but payment will be your tenant(s)' responsibility not you.

beefster

That's been applied for. On-going and council seem positive at present time.

lincroft1710

This link may be useful

https://www.gov.uk/renting-business-property-tenant-responsibilities

beefster

Thanks Lin